One 60-Day IRA Rollover Per Year Is The Final Answer

March 18, 2015

Although the Internal Revenue Code trumps IRS Publications, practitioners tend to use the Publications as the initial resource when handling day-to-day tax issues.

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What Goes in the Denominator? Complying with the Allocation Rules for Distributions from Qualified Plans With After-Tax Accounts

March 03, 2015

Compliance starts with understanding. Understanding the rules set forth in Notice 2014-54, assisted us with the application of the rules in a situation in which a participant was entitled to take a distribution from his after-tax account only, in a qualified plan that provides and separately accounts for:

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Comparison of Retirement and Deferred Compensation Plans

February 17, 2015

Whether it is when we are growing up, in school, or in our careers, we tend to gravitate towards those who are most like us and form groups.

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Qualified Plan Distributions: IRS Issues Guidance on Allocation of After-Tax and Pretax Amounts

February 11, 2015

Lack of clarity causes frustration. The topic of how to properly allocate the pretax and after-tax amounts attributable to distributions from qualified plan accounts that include Roth 401(a) accounts or after-tax accounts has been a source of much debate in the retirement plan community.

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Compensation Issues – Revisited

December 18, 2014

We are more than halfway through the retirement plan audit season and we have noticed a number of common errors occurring with compensation. I previously discussed these issues in my blog series “Compensation: The Missing Link – Part 1” and “Compensation: The Missing Link – Part 2,” but we want to revisit the issue, since we are seeing this error occur on a rather consistent basis.

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Fixing Common Plan Mistakes – Failure to Obtain Spousal Consent

December 02, 2014

Posted by Maria T. Hurd, CPA The Rule When plans have a Qualified Joint and Survivor Annuity default form of benefit, or when a plan offers life annuity options, spousal consent must be obtained for any distribution or loan out of the plan, except when the plan provides for involuntary cash-outs for balances amounting to … Continued

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Push it to the Limit (for 2015!)

November 18, 2014

Corbin Blue may not have been targeting plan participants as his audience when he told us to “push it the limit”, but what would those limits be if he was? Well we know what they are for 2015 thanks to a recent IRS announcement.

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Trustee Travel Expense Reimbursements

September 16, 2014

Traveling Outside State Lines Requires Staying in Line with the Travel Expense Reimbursement Rules. Taft-Hartley plan trustees must stay up to date on the most recent rules and regulations regarding plan administration.

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Special Section 457(b) Catchup for Government Plans

August 27, 2014

A benefit of 457(b) plans is that participants have the opportunity to contribute the maximum deferral contribution to both the 457(b) plan and another qualified plan.

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Avoiding the Hardship of Correcting Hardship Distribution Violations

August 12, 2014

Administering hardship distributions correctly is important to prevent the hardship of completing a correction of an error in administration. Often, plan officials assume that their third party administrator is collecting all the information necessary for the approval and proper processing of a hardship, when that is not always the case.

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Belfint Lyons Shuman is a Certified Public Accounting (CPA) firm that audits Defined contribution plans (profit-sharing, 401(k), 403(b) , 401(a), 457(b))), and Defined benefit plans (pension and cash balance), and Health and welfare plans. We serve a variety of plan sponsors including for-profit, nonprofit, governmental, and Taft-Hartley collectively-bargained plans located in Delaware, Pennsylvania, New Jersey, Maryland, Washington, D.C., Virginia, Massachusetts, and nationally. For additional information contact us at info@belfint.com